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Las Vegas Sands, which owns properties worldwide, posts a strong Q4 and full-year, but Sands China sees dip.
The net revenue of the company was $3.65 billion, compared to $2.90 billion in the prior year quarter. The operating income was $707 million, compared to $590 million in the prior year quarter. In the fourth quarter of 2025, the net income reached $448 million, growing on the $392 million in the fourth quarter of 2024.
The full year operating income was $2.82 billion (up from $2.40 billion last year).
The company predominantly owns properties in Macao and Singapore, with these including The Venetian Macao, Sands Macao, The Londoner Macao, The Plaza Macao & Four Seasons Hotel Macao, The Parisian Macao, and the Marina Bay Sands.
Las Vegas Sands used to have the aptly named ‘Sands Hotel and Casino’ based on the Las Vegas Strip, which was then redeveloped as The Venetian. In February 2022, the company sold The Venetian Resort.
Las Vegas Sands Q4 analysis
Las Vegas Sands delivered a strong quarter and full-year performance, with most of the momentum coming from Singapore, where Marina Bay Sands continues to outperform. That strength helped lift revenue, profits, and shareholder returns. However, results in Macao were more mixed. Sands China saw lower net income despite higher revenue, pointing to margin pressure and uneven recovery, which could limit longer-term growth if it persists.
Sands China’s net income sees decline in Las Vegas Sands Q4 report
While there are many positives across other sides of the company, the Sands China Ltd (SCL) financial results show a decrease. Although the total net revenues for SCL, on a GAAP basis, increased 16.4% to $2.05 billion, compared to the fourth quarter of 2024, the net income was $213 million, which is less than the $237 million that was seen in Q4 of 2024.
Speaking on the figures, the chairman and CEO Robert G. Goldstein said: “In Singapore, Marina Bay Sands once again delivered outstanding financial and operating performance. Our elevated suite and service offerings position us for additional growth as travel and tourism spending in Asia continues to expand.
“In Macao, our decades-long commitment to making investments that enhance the business and leisure tourism appeal of Macao and support its development as a world center of business and leisure tourism positions us well for future growth.”
“Our financial strength and industry-leading cash flow continue to support our investment programs in both Singapore and Macao, our pursuit of growth opportunities in new markets and our program to return excess capital to stockholders.”
Featured Image: Credit to ‘ToNameOrNotToName’ on Wikimedia Commons
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